{"id":"https://openalex.org/W2946472031","doi":"https://doi.org/10.3790/vjh.87.3.83","title":"Verteilungseigenschaften der Renditen von Kryptow\u00e4hrungen: Sind sie mit Aktien vergleichbar?","display_name":"Verteilungseigenschaften der Renditen von Kryptow\u00e4hrungen: Sind sie mit Aktien vergleichbar?","publication_year":2018,"publication_date":"2018-09-01","ids":{"openalex":"https://openalex.org/W2946472031","doi":"https://doi.org/10.3790/vjh.87.3.83","mag":"2946472031"},"language":"de","primary_location":{"id":"doi:10.3790/vjh.87.3.83","doi":"https://doi.org/10.3790/vjh.87.3.83","is_oa":false,"landing_page_url":"https://doi.org/10.3790/vjh.87.3.83","pdf_url":null,"source":{"id":"https://openalex.org/S4210197436","display_name":"Vierteljahrshefte zur Wirtschaftsforschung","issn_l":"0340-1707","issn":["0340-1707","1861-1559"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["anvur-scientific","cwts-core"],"host_organization":"https://openalex.org/P4310313978","host_organization_name":"Duncker & Humblot","host_organization_lineage":["https://openalex.org/P4310313978"],"host_organization_lineage_names":["Duncker & Humblot"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Vierteljahrshefte zur Wirtschaftsforschung","raw_type":"journal-article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5010871333","display_name":"Armin Varmaz","orcid":"https://orcid.org/0000-0001-6879-313X","observed_orcids":["https://orcid.org/0000-0001-6879-313X"]},"institutions":[{"id":"https://openalex.org/I166433441","display_name":"Hochschule Bremen","ror":"https://ror.org/04f7jc139","country_code":"DE","type":"education","lineage":["https://openalex.org/I166433441"]}],"countries":["DE"],"is_corresponding":false,"raw_author_name":"Armin Varmaz","raw_affiliation_strings":["Armin Varmaz, Hochschule Bremen,"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Armin Varmaz, Hochschule Bremen,","institution_ids":["https://openalex.org/I166433441"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5001945587","display_name":"Stephan Ab\u00e9e","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I166433441","display_name":"Hochschule Bremen","ror":"https://ror.org/04f7jc139","country_code":"DE","type":"education","lineage":["https://openalex.org/I166433441"]}],"countries":["DE"],"is_corresponding":false,"raw_author_name":"Stephan Ab\u00e9e","raw_affiliation_strings":["Armin Varmaz, Hochschule Bremen,","Hochschule Bremen,"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Armin Varmaz, Hochschule Bremen,","institution_ids":["https://openalex.org/I166433441"]},{"raw_affiliation_string":"Hochschule Bremen,","institution_ids":["https://openalex.org/I166433441"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":[],"corresponding_institution_ids":["https://openalex.org/I166433441"],"apc_list":null,"apc_paid":null,"fwci":0.33,"has_fulltext":false,"cited_by_count":1,"citation_normalized_percentile":{"value":0.70604964,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":{"min":88,"max":93},"biblio":{"volume":"87","issue":"3","first_page":"83","last_page":"105"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.7919999957084656,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.7919999957084656,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10282","display_name":"Financial Risk and Volatility Modeling","score":0.14419999718666077,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10270","display_name":"Blockchain Technology Applications and Security","score":0.014000000432133675,"subfield":{"id":"https://openalex.org/subfields/1710","display_name":"Information Systems"},"field":{"id":"https://openalex.org/fields/17","display_name":"Computer Science"},"domain":{"id":"https://openalex.org/domains/3","display_name":"Physical Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/cryptocurrency","display_name":"cryptocurrency","score":0.7730000019073486},{"id":"https://openalex.org/keywords/cryptocurrency-returns","display_name":"cryptocurrency returns","score":0.9190000295639038},{"id":"https://openalex.org/keywords/stock-returns","display_name":"stock returns","score":0.9049999713897705},{"id":"https://openalex.org/keywords/return-distribution","display_name":"return distribution","score":0.9020000100135803},{"id":"https://openalex.org/keywords/volatility-clustering","display_name":"volatility clustering","score":0.925000011920929},{"id":"https://openalex.org/keywords/return-asymmetry","display_name":"return asymmetry","score":0.6110000014305115},{"id":"https://openalex.org/keywords/autocorrelation","display_name":"autocorrelation","score":0.7870000004768372},{"id":"https://openalex.org/keywords/heavy-tailed-distributions","display_name":"heavy-tailed distributions","score":0.7979999780654907},{"id":"https://openalex.org/keywords/momentum-effect","display_name":"momentum effect","score":0.9679999947547913},{"id":"https://openalex.org/keywords/day-of-the-week-effect","display_name":"day-of-the-week effect","score":0.9340000152587891},{"id":"https://openalex.org/keywords/bitcoin","display_name":"Bitcoin","score":0.4259999990463257},{"id":"https://openalex.org/keywords/blockchain-assets","display_name":"blockchain assets","score":0.5429999828338623},{"id":"https://openalex.org/keywords/principal-component-analysis","display_name":"principal component analysis","score":0.36399999260902405},{"id":"https://openalex.org/keywords/return-predictability","display_name":"return predictability","score":0.4339999854564667},{"id":"https://openalex.org/keywords/sharpe-ratio","display_name":"Sharpe ratio","score":0.4830000102519989}],"concepts":[{"id":"https://openalex.org/C15708023","wikidata":"https://www.wikidata.org/wiki/Q80083","display_name":"Humanities","level":1,"score":0.614607036113739},{"id":"https://openalex.org/C121332964","wikidata":"https://www.wikidata.org/wiki/Q413","display_name":"Physics","level":0,"score":0.37066709995269775},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.3595264256000519},{"id":"https://openalex.org/C29456083","wikidata":"https://www.wikidata.org/wiki/Q1221899","display_name":"Gynecology","level":1,"score":0.3353838324546814},{"id":"https://openalex.org/C138885662","wikidata":"https://www.wikidata.org/wiki/Q5891","display_name":"Philosophy","level":0,"score":0.2694810628890991},{"id":"https://openalex.org/C71924100","wikidata":"https://www.wikidata.org/wiki/Q11190","display_name":"Medicine","level":0,"score":0.08558043837547302}],"mesh":[],"locations_count":2,"locations":[{"id":"doi:10.3790/vjh.87.3.83","doi":"https://doi.org/10.3790/vjh.87.3.83","is_oa":false,"landing_page_url":"https://doi.org/10.3790/vjh.87.3.83","pdf_url":null,"source":{"id":"https://openalex.org/S4210197436","display_name":"Vierteljahrshefte zur Wirtschaftsforschung","issn_l":"0340-1707","issn":["0340-1707","1861-1559"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["anvur-scientific","cwts-core"],"host_organization":"https://openalex.org/P4310313978","host_organization_name":"Duncker & Humblot","host_organization_lineage":["https://openalex.org/P4310313978"],"host_organization_lineage_names":["Duncker & Humblot"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Vierteljahrshefte zur Wirtschaftsforschung","raw_type":"journal-article"},{"id":"pmh:oai:econstor.eu:10419/210679","doi":null,"is_oa":false,"landing_page_url":"http://hdl.handle.net/10419/210679","pdf_url":null,"source":{"id":"https://openalex.org/S4306401696","display_name":"Econstor (Econstor)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"","raw_type":"doc-type:article"}],"best_oa_location":null,"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":52,"referenced_works":["https://openalex.org/W1963787328","https://openalex.org/W1967872601","https://openalex.org/W1979575715","https://openalex.org/W1986395918","https://openalex.org/W1991502340","https://openalex.org/W1999996900","https://openalex.org/W2007830992","https://openalex.org/W2011817175","https://openalex.org/W2014656788","https://openalex.org/W2019796175","https://openalex.org/W2024163429","https://openalex.org/W2038016952","https://openalex.org/W2041404167","https://openalex.org/W2043275307","https://openalex.org/W2062143325","https://openalex.org/W2067184061","https://openalex.org/W2078236117","https://openalex.org/W2081366832","https://openalex.org/W2090637028","https://openalex.org/W2100011707","https://openalex.org/W2100862493","https://openalex.org/W2102277992","https://openalex.org/W2106798814","https://openalex.org/W2107058731","https://openalex.org/W2110348891","https://openalex.org/W2116988722","https://openalex.org/W2122221007","https://openalex.org/W2122298188","https://openalex.org/W2125520394","https://openalex.org/W2127034225","https://openalex.org/W2131177033","https://openalex.org/W2131773668","https://openalex.org/W2135177937","https://openalex.org/W2141673418","https://openalex.org/W2144487825","https://openalex.org/W2320868325","https://openalex.org/W3021739894","https://openalex.org/W3023045267","https://openalex.org/W3121275215","https://openalex.org/W3121601698","https://openalex.org/W3121766225","https://openalex.org/W3122438879","https://openalex.org/W3122824160","https://openalex.org/W3123764858","https://openalex.org/W3124303716","https://openalex.org/W3124318403","https://openalex.org/W3125239845","https://openalex.org/W3125246470","https://openalex.org/W3125624881","https://openalex.org/W3125667802","https://openalex.org/W3125720591","https://openalex.org/W6941572417"],"related_works":["https://openalex.org/W3131157774","https://openalex.org/W2808843567","https://openalex.org/W6944239486","https://openalex.org/W7160876651","https://openalex.org/W3135099970","https://openalex.org/W4390104863","https://openalex.org/W3199804856","https://openalex.org/W7161360450","https://openalex.org/W7110639381","https://openalex.org/W4404421722"],"abstract_inverted_index":{"Zusammenfassung:":[0],"Neben":[1],"Bitcoin":[2],"existieren":[3],"\u00fcber":[4],"1":[5],"500":[6],"weitere":[7],"Kryptow\u00e4hrungen,":[8],"die":[9,12,18,45,80,139,144],"sich":[10,30,76],"durch":[11,17],"Art":[13],"der":[14,93,107,110,122,129,143,152],"Nutzung":[15],"oder":[16],"zugrunde":[19],"liegende":[20],"Blockchain-Technologie":[21],"voneinander":[22],"erheblich":[23],"unterscheiden.":[24],"Die":[25,62,136],"meisten":[26],"dieser":[27],"W\u00e4hrungen":[28],"lassen":[29,138],"auf":[31],"B\u00f6rsen":[32],"und":[33,36,56,92,97,113,128],"Marktpl\u00e4tzen":[34],"handeln":[35],"k\u00f6nnen":[37,119],"als":[38],"Investitionsobjekte":[39],"dienen.":[40],"In":[41,194],"diesem":[42],"Beitrag":[43],"werden":[44,127],"empirischen":[46],"Verteilungseigenschaften":[47],"ihrer":[48],"Renditen":[49,63,111],"f\u00fcr":[50],"einen":[51],"sehr":[52,86,133],"breiten":[53],"Querschnitt":[54,121],"untersucht":[55],"mit":[57],"denen":[58,151],"von":[59,64,95,146,150],"Aktienrenditen":[60,72],"verglichen.":[61],"Kryptow\u00e4hrungen":[65,123,147],"weisen":[66],"viele":[67],"\u00e4hnliche":[68],"Charakteristika":[69],"zu":[70],"den":[71,78],"auf:":[73],"Renditebeobachtungen":[74],"h\u00e4ufen":[75],"um":[77],"Erwartungswert,":[79],"Autokorrelation":[81],"ist,":[82],"wenn":[83],"\u00fcberhaupt,":[84],"nur":[85,132],"schwach,":[87],"das":[88],"Ph\u00e4nomen":[89],"des":[90],"Volatility-Clusterings":[91],"Asymmetrie":[94],"Gewinnen":[96],"Verlusten":[98],"ist":[99,131],"vorhanden,":[100],"ein":[101,116],"Faktor":[102],"kann":[103],"circa":[104],"60":[105,273],"Prozent":[106],"gemeinsamen":[108],"Variation":[109],"erkl\u00e4ren":[112],"es":[114],"existiert":[115],"Wochentageffekt.":[117],"Dagegen":[118],"im":[120],"keine":[124],"Heavy-Tails":[125],"identifiziert":[126],"Momentum-Effekt":[130],"schwach":[134],"ausgepr\u00e4gt.":[135],"Ergebnisse":[137],"Vermutung":[140],"zu,":[141],"nach":[142],"Renditeeigenschaften":[145],"nicht":[148],"wesentlich":[149],"Aktien":[153],"abweichen.":[154],"Summary:":[155],"There":[156],"are":[157,209,229,288,316],"more":[158,230],"than":[159],"1,500":[160],"other":[161,168],"cryptocurrencies,":[162],"which":[163],"differ":[164],"significantly":[165],"from":[166,320],"each":[167],"in":[169],"terms":[170],"of":[171,180,201,215,238,245,251,260,275,279,313],"their":[172,202],"usage":[173],"or":[174],"the":[175,197,234,236,243,249,257,261,276,299,310],"underlying":[176],"blockchain":[177],"technology.":[178],"Most":[179],"these":[181],"cryptocurrencies":[182,220],"can":[183,189,295],"be":[184,296],"traded":[185],"on":[186,219],"exchanges":[187],"and":[188,211,248,253,298],"serve":[190],"as":[191],"investment":[192],"instruments.":[193],"this":[195],"paper,":[196],"empirical":[198],"distribution":[199],"properties":[200],"returns":[203,239,262,315],"for":[204],"a":[205,283],"very":[206,241,304,318],"broad":[207],"cross-section":[208],"examined":[210],"compared":[212],"with":[213],"those":[214],"stock":[216,321],"returns.":[217,322],"Returns":[218,228],"have":[221],"several":[222],"characteristics":[223],"similar":[224],"to":[225],"equity":[226],"returns:":[227],"likely":[231],"observable":[232],"around":[233],"averages;":[235],"autocorrelation":[237],"is":[240,282,302],"weak;":[242],"phenomenon":[244],"volatility":[246],"clustering":[247],"asymmetry":[250],"gains":[252],"losses":[254],"do":[255],"exist;":[256],"factor":[258,266],"analysis":[259],"reveals":[263],"that":[264,309],"one":[265],"(the":[267],"first":[268],"principal":[269],"component)":[270],"explains":[271],"about":[272],"percent":[274],"common":[277],"variation":[278],"returns;":[280],"there":[281,287],"weekday":[284],"effect.":[285],"However,":[286],"some":[289],"differences.":[290],"For":[291],"example,":[292],"no":[293],"heavy-tails":[294],"identified":[297],"momentum":[300],"effect":[301],"only":[303],"weak.":[305],"The":[306],"results":[307],"suggest":[308],"stylezed":[311],"facts":[312],"cryptocurrency":[314],"not":[317],"different":[319]},"counts_by_year":[{"year":2018,"cited_by_count":1}],"updated_date":"2026-11-04T10:54:05.112534","created_date":"2019-05-29T00:00:00"}
